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Advice needed from any lawyer mum's who have their own firm

(3 Posts)
zongzibaby Sat 25-Jun-11 17:52:13

Hi All

I am now looking at options for returning to work. I previously worked for a magic circle firm, but have been out of the market for just over two years and I'm finding it difficult to get back into the market in London.

I am now considering starting a niche firm with my husband. I would be interested to get any advice from those who have taken the route of starting their own firm. I have no idea of the level of initial investment we would need to make nor what is involved in setting-up.

Any advice greatly received.

Thanks

z

minipie Mon 27-Jun-11 15:40:59

I don't know the answer to your question I'm afraid, but I would be very interested in your experiences of trying to get back into the market, as I am at a silver circle firm and considering my options for post-DC...

I can't remember if Xenia has her own firm - it might be worth PMing her if you don't get replies here.

wearenotinkansas Tue 28-Jun-11 17:29:19

Haven't done it myself but I know someone who has.

Think the first things is to consider structure, LLP, partnership, ltd co (my friend opted for latter but not sure why).

Start up costs will be impacted by your area, eg, will you need online resources, land registry access etc. But the biggest cost will be PI cover. Don't know much about the market but know its high for sole practioners. Comes down a lot I think if there are even 2 partners.

Otherwise, if you have a specialist skill and/or clients is to check out "virtual" law firms. Can be a good deal if you have clients to bring with you or to introduce.

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